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Brown & Brown, Inc. (NYSE: BRO) is a leading independent insurance intermediary based in Daytona Beach, Florida. Through its licensed subsidiaries, the company provides a broad range of insurance products and services to a diverse clientele that includes corporate, public entities, institutional, trade, professional associations, and individual clients.
Brown & Brown operates through four major business divisions: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment is the largest, generating over half of the company's revenue by offering a variety of insurance solutions directly to consumers and businesses. The National Programs segment, which contributes about a fourth of the revenue, specializes in professional liability coverage and other niche insurance products. The Wholesale Brokerage and Services segments further broaden the company's reach and capabilities in the insurance market.
In a highly competitive environment, Brown & Brown thrives due to its unique corporate culture, which emphasizes vision, speed, agility, and strength. This culture empowers its team to quickly identify and act on new opportunities, ensuring the company remains at the forefront of the industry. Brown & Brown's commitment to customer satisfaction and service excellence is reflected in its continuous investment in training, mentoring, and providing the necessary tools for its employees to succeed.
Recently, the company announced a strategic realignment, consolidating its segments into three main divisions: Retail, Programs, and Wholesale Brokerage, beginning in 2024. This move follows the divestiture of certain businesses within the Services segment in the fourth quarter of 2023, aimed at enhancing operational efficiency and focus.
Financially, Brown & Brown is robust, with a revenue model primarily based on commissions from insurance companies and direct fees from customers, minimizing underwriting risk exposure. While the majority of its operations are within the United States, the company has a significant presence in Florida, contributing to its substantial market share.
Brown & Brown's latest updates and achievements continue to demonstrate its solid performance and strategic growth, making it a key player in the insurance industry. For more information or the latest news, you can contact R. Andrew Watts, the Chief Financial Officer, at (386) 239-5770.
Brown & Brown's Bridge Specialty Group has acquired the assets of American Risk Management Resources Network (ARMR), a specialty wholesale environmental insurance brokerage platform. ARMR, based in Madison, Wisconsin, will maintain its operations under the leadership of President Kari Kohal. David Dybdahl will continue with ARMR, focusing on developing new product offerings and sharing environmental risks expertise through education and training.
The acquisition strengthens Bridge Specialty Group's position in the environmental casualty sector, where ARMR has been a leader for over two decades. Both Kohal and Dybdahl will report to Walter Grote, chief underwriting officer and central regional president of Bridge Specialty Group.
Brown & Brown (NYSE:BRO) has achieved the 2025 Military Friendly® Employer designation, demonstrating its commitment to supporting veterans, military spouses, and the military community. The recognition comes from strong collaboration across teams, including their Veterans Teammate Resource Group.
The designation was awarded following an evaluation of over 1,200 companies through public data sources and proprietary survey responses. The assessment criteria included recruitment, new hire retention, employee turnover, and promotion of veterans and military employees. The company will be featured in the Winter issue of G.I. Jobs® magazine and on MilitaryFriendly.com.
Brown & Brown (NYSE: BRO) has appointed Paul Gallagher, CPA, as its new controller. In this role, Gallagher will oversee financial operations, including SEC reporting, controls and compliance, acquisitions, planning, and strategic decision-making. He joins from Deloitte, where he spent over 25 years serving global clients in public accounting. At Deloitte, he led teams across audit, advisory, M&A, and international business functions. The appointment aims to support Brown & Brown's continued growth and global expansion plans.
Brown & Brown (NYSE: BRO) has completed the acquisition of the insurance operations of Quintes Holding B.V. This acquisition marks an expansion of Brown & Brown's global presence, adding to their network of over 500 locations worldwide. The company, which has been providing risk management solutions since 1939, currently employs more than 16,000 teammates globally and continues to focus on delivering innovative insurance strategies to both individuals and businesses.
Brown & Brown (NYSE:BRO) reported strong Q3 2024 financial results with total revenues of $1.2 billion, up 11.0% year-over-year. The company achieved organic revenue growth of 9.5% and increased diluted net income per share by 30.6% to $0.81. Key highlights include:
- Income before taxes increased 31.0% to $317 million
- EBITDAC-Adjusted rose 11.9% to $414 million
- Net income grew 33.0% to $234 million
- Diluted Net Income Per Share-Adjusted increased 12.3% to $0.91
Brown & Brown (BRO) has achieved two significant workplace recognitions: Great Place To Work® Certification for the sixth consecutive year and inclusion in the 2024 Fortune Best Workplaces for Women™ list for the fourth consecutive year. The certification reflects strong employee satisfaction, with 94% of teammates rating it as a Great Place To Work and 96% feeling welcome upon joining. The women's workplace recognition was based on surveys from nearly 600,000 women at certified companies.
The company has also been recognized on Fortune's 2024 Best Workplaces for Millennials and Best Workplaces in Financial Services & Insurance lists, along with receiving the 2023-2024 Platinum Level Bell Seal for Workplace Mental Health from Mental Health America.
Brown & Brown (NYSE: BRO) announced a 15% increase in its regular quarterly cash dividend to $0.15 per share, up from the previous $0.13 per share. The dividend will be paid on November 13, 2024, to shareholders of record as of November 6, 2024. This marks the company's 31st consecutive annual dividend increase, demonstrating a consistent track record of growing shareholder returns.
Brown & Brown, Inc. (NYSE:BRO) has announced the acquisition of The Canopy Group, a multiline insurance agency based in Le Sueur, Minnesota. The Canopy Group specializes in personal lines and commercial property and casualty insurance for small businesses, serving over 16,000 customers throughout Minnesota.
Paul Borchert and Jeff McDonald, principals of The Canopy Group, will continue to lead operations from their Minnesota offices. Rich Knudson, senior vice president of Brown & Brown's Retail segment, expressed excitement about incorporating The Canopy Group's dynamic approach to serving personal lines customers into Brown & Brown's operations.
The acquisition aims to expand Brown & Brown's personal lines business and small business commercial offerings, leveraging The Canopy Group's reputation in the Minnesota market. The deal is expected to benefit existing customers through access to additional markets and services.
Brown & Brown, Inc. (NYSE: BRO) has announced the dates for its 2024 third-quarter earnings release and conference call. The company will release its earnings on Monday, October 28, 2024, after the market closes. The following day, Tuesday, October 29, 2024, at 8:00 a.m. EDT, J. Powell Brown, president and CEO, and R. Andrew Watts, executive vice president and CFO, will host an investor update conference call.
Investors can listen to the live broadcast on Brown & Brown's website at www.bbinsurance.com under the 'Investor Relations' section and 'Calendar of Events'. For those unable to attend the live webcast, an audio recording will be available on the company's website for 14 days following the broadcast.
Brown & Brown (NYSE: BRO) has announced key appointments to its senior leadership team. Mike Neal and Mark Abate have been added to both the company's senior leadership team and the Retail segment senior leadership team. Mike Neal, an executive vice president within Brown & Brown's Retail segment, brings over 30 years of industry experience and leads Brown & Brown Dealer Services. Mark Abate, with more than 35 years in employee benefits, specializes in health and welfare strategies and oversees the Southborough, Massachusetts office and certain pharmacy and audit solutions operations.
Powell Brown, president and CEO, expressed excitement about the appointments, highlighting the extensive experience both individuals bring to support the company's mission. Barrett Brown, executive vice president and president of the Retail segment, emphasized that Neal and Abate's expertise will help broaden capabilities and develop innovative solutions to enhance customer experience while supporting the Retail business's growth.
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